Tag: P2P

We Are The Now The Butt of Saturday Night Live Jokes

Banking Modernization - Picture of a man handing over a check

Recently, there was a comedy sketch on Saturday Night Live (SNL) that hit a little too close to home. The send-up showed a couple splitting a meal using Venmo. To contrast the efficiency, the scene then cut to a turn of the century piece detailing how “Cheques” still contain drama – “There is nothing like furiously scribbling on a small piece of paper, tearing out and then flicking your wrist [handing the check over].”

 

How P2P Will Fuel Checkless Banking

The Changing Face of The Checking Account

Take away checks from a checking account and what do you have left? What you have is a “core banking account” that is cheaper for banks to set up and less expensive to maintain. You also have a paradigm shift in product delivery that banks need to come to terms with in order to stay competitive. While the latest update by the Federal Reserve shows the number of checks processed last year fell 5.2%, banks should get ready for acceleration with the increase in person-to-person payments from the likes of Zelle and Venmo.

Zelle and the Future of Payments for Community Banks

Bank P2P Payments

Person-to-person (P2P) payment service, Zelle, goes live over the next week and is being introduced into the market by more than 30 major financial institutions including Bank of America, Chase, US Bank, Capital One and Wells Fargo. Operated by a bank partnership, the technology will be incorporated into many bank’s online and mobile applications and will displace PayPal’s Venmo, Square Cash and P2P integrations in both Facebook and Apple’s ecosystem.

Uber, But For ATMs

FinTech Disruption

It is a cliché in Silicon Valley that every start-up seems to call itself the next Uber of something. If not, Uber, then it is “AirBnB, but for __________ “.  However, a Philippine startup Coins.ph might be on to something that is a combination of both of those disrupters. “Teller,” Coin.ph ‘s new smartphone app allows users to get cash from other users in a secure and convenient manner. Now we are not sure it will catch on, but the concept of a distributed banking experience is intriguing.

  

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